The NFT (Non-fungible Token) scene is exploding. Since digital artist Mike Winklemann (a.k.a Beeple) sold his “Everydays” series for $69,400,000 on March 12th, 2021, the world is waking up to the enormous untapped potential of the NFT scene.
Although they’re now mainstream, it’s believed that NFTs have been around since 2012/13. Over the years, NFTs have been slowly gaining traction. The market cap for global transactions of NFTs was $40.96 million in 2018, $141.56 million in 2019, and $338.04 million in 2020. This year, the market cap for global transactions of NFTs is expected to reach $1 billion.
The evolution of the NFT world continues. Hashmelody is the first digital music collectible created by the state-of-the-art deep neural network. It is a collection of 16,384 unique digital melodies, each with a specific chord progression and a predefined length.
Hashmelody follows the same distribution method used by Hashmasks, and by holding the melody NFT, you accumulate the MNT (Melody Naming Token) on a daily basis, which enables you to choose a name for your melody on the Ethereum blockchain.
The NFT that the user purchases will not be revealed for another 2 weeks but when it does the NFT will randomly have its own characteristics, some rarer than others.
What stands Hashmelody out from other NFT projects and gives it its unique twist is that Hashmelody is the first digital music collectible which accumulates tokens, similar to hashmasks.
The user gets to name their NFT ensuring Hashmelody maintains its uniqueness as the name is stored and visible on the blockchain, thus also ensuring transparency. To change a name, the user must own MNT (Melody Naming Token) which is native to Hashmelody. The Hashmelody will accumulate new MNT over time however only enough to do two name changes per anum. Every time an address enacts a name change the MNT is burned.
Despite being relatively fresh, this new NFT project is gaining plenty of traction and attention on social media, with some prominent ETH and DeFi people sharing and retweeting on Twitter.
If you missed out Hashmasks, definitely check out Hashmelody.
